FX.co ★ karl.vonrueden | Bitcoin/BTCUSD forecasts

Bitcoin trading instrument - D1 timeframe chart. The overall trend here is still down so far. The wave structure is building its pattern to the downside. The MACD indicator is in the oversold zone, but above its signal line. Right now a very controversial situation has formed. The price is squeezed between levels. When it previously rose from the low, the price reached the horizontal resistance area at 65960. It slightly broke through it, clearly showing it was a higher-level false breakout. There is a chance for a decline here again, the level is there and on top of that the CCI indicator is ready to exit downward from the upper overbought zone. In addition, on this indicator you can see a bearish convergence – a strong sell signal. With the level as a backing, the signal is valid. A slight decline occurred, but at the same time below there is the support level 63438. This is a mirror level at the edge of the decline and, as is known, such places are very strong, so at this point a contradiction appears. I assume that here the price can roughly stop around this level and there will be a battle between buyers and sellers. Most likely in the long term Bitcoin will continue its growth. It just has a habit of moving sideways for a very long time in a wide range. You can sit in long positions for months until it finally produces a new directional upward move. However, it is visible that the US dollar is dominating the market as a whole and this tendency is also affecting this instrument. As a result, the price is being pushed down. At the same time, on the MACD indicator used, a bullish divergence has formed, a very decent signal for an upside move. And the second indicator, CCI, is also ready to exit upward from the lower oversold zone. Now other major instruments also intend to make a correction after the strong dollar rally, so it looks like a synchronous signal is forming. I assume that here on the lower H4 timeframe there will be a re-accumulation at the bottom and the formation of a mirror level, after which an increase towards 67470 will follow. Moreover, a new month has already started, it is necessary to go deeper into the previous month.